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Determine the amount in the account

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Question - Equal deposits of $3300 are made at the end of each quarter in an account which earns 7% compounded monthly for 15 years.

a. State the effective rate for 7% compounded monthly to 2 decimal places.

b. Using the value you got for part a, state the equivalent nominal rate converted quarterly to 7% compounded monthly to 2 decimal places.

c. Using the nominal rate from part b, determine the balance of the account at the end of 15 years.

d. If no more deposits are made, but the money is left in the account accumulating interest for 7 more years, determine the amount in the account at the end of 22 years. Hint: Use 7% compounded monthly.

Reference no: EM133059413

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